{"id":24275,"date":"2022-09-16T16:30:37","date_gmt":"2022-09-16T11:00:37","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=24275"},"modified":"2024-03-27T12:22:46","modified_gmt":"2024-03-27T06:52:46","slug":"post-merge-dogecoin-takes-the-no-2-slot-in-pow","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/crypto\/post-merge-dogecoin-takes-the-no-2-slot-in-pow\/","title":{"rendered":"Post Merge, Dogecoin takes the No. 2 slot in PoW"},"content":{"rendered":"

Soon after the successful execution of the Merge, Dogecoin<\/a> became the second-largest proof-of-work network after Bitcoin. With Ethereum exiting the ecosystem, the PoW crypto dominance stands at 42.23%.<\/p>\n

However, Bitcoin is still far ahead in terms of market capitalization and network hash rate. The other top proof-of-work cryptos in the top 10 list include Ethereum Classic, Litecoin, Bitcoin Cash, Monero, ZCash, and BitcoinSV.<\/p>\n

Unlike Bitcoin, which uses ASIC for mining purposes, mining Dogecoin is relatively easy as it can be mined using GPU, which can be assembled at home.<\/p>\n

Many experts feel that Ethereum\u2019s departure from the proof-of-work ecosystem has put pressure on Bitcoin to justify the use of the power-hungry proof-of-work consensus mechanism over the long term.<\/p>\n

It is to be noted that the Dogecoin Foundation is also flirting with the idea of moving toward the proof-of-stake consensus mechanism. In December 2021, the decision-making body released its \u201cDogecoin Trailmap\u201d roadmap which proposed to build a Dogecoin \u201ccommunity staking\u201d version that resembled PoS. However, the move has not made much headway.<\/p>\n

ETC hash rate spikes massively in the last 24 hours<\/h3>\n

As ETH miners are left with few options after the Merge, they have piled into the Ethereum Classic network soon after the transition, leading to a huge spike in network hash rate.<\/p>\n

From 65 terra hashes per second on Wednesday, the network hash rate spiked to around 307 terra hashes per second (TH\/s) soon after the Merge, a spike of almost 5 times. It is currently hovering around 245 TH\/s.<\/p>\n

\"\"<\/p>\n

Other PoW coins such as Ergo and Ravencoin also witnessed a spike in their network hash rate.<\/p>\n\n\n

FAQs<\/h2>\n\n\n
\n
\n
\n

Which blockchain is Dogecoin on?<\/h3>\n
\n\n

Dogecoin operates on its blockchain, which is based on Litecoin’s technology.<\/p>\n\n<\/div>\n<\/div>\n

\n

Is DOGE proof of work?<\/h3>\n
\n\n

Yes, Dogecoin currently relies on a proof-of-work consensus mechanism.<\/p>\n\n<\/div>\n<\/div>\n

\n

Does DOGE have a future?<\/h3>\n
\n\n

Dogecoin’s future is uncertain and subject to market dynamics and community interest.<\/p>\n\n<\/div>\n<\/div>\n

\n

Is it safe to invest in DOGE?<\/h3>\n
\n\n

Investing in Dogecoin carries risks like any other cryptocurrency investment; its safety depends on individual risk tolerance and market analysis.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Soon after the successful execution of the Merge, Dogecoin became the second-largest proof-of-work network after Bitcoin. With Ethereum exiting the ecosystem, the PoW crypto dominance stands at 42.23%. However, Bitcoin is still far ahead in terms of market capitalization and network hash rate. The other top proof-of-work cryptos in the top 10 list include Ethereum […]<\/p>\n","protected":false},"author":67,"featured_media":24278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[460,6530],"tags":[6467,6536],"class_list":["post-24275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news-2","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-07-22T13:28:55+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Sunil Paul\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/sunil-pcoinswitch-co\/\",\"sameAs\":[\"sunilmathewpaul\",\"https:\/\/www.linkedin.com\/in\/sunil-mathew-paul-382302a\/\"],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/98e19e7160d41179bbf77157108dfaf6?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","key_takeways":false,"youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"","post_author":false,"guest_author":false,"hide_toc":true,"select_disclaimer":"Article Default Disclaimer"},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/24275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=24275"}],"version-history":[{"count":5,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/24275\/revisions"}],"predecessor-version":[{"id":39884,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/24275\/revisions\/39884"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/24278"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=24275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=24275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=24275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}